Blackrock Tcp Capital Corp. · NASDAQ:TCPC
Blackrock Tcp Capital — Q1 2025 Earnings Presentation
22 slides from Blackrock Tcp Capital's earnings presentation, Mar 31, 2025
Slide 1: BlackRock TCP Capital Corp. Investor presentation
BlackRock TCP Capital Corp. Investor presentation March 31, 2025
Slide 2: First Quarter 2025 Financial Highlights and Portfolio Overview
First Quarter 2025 Financial Highlights and Portfolio Overview Adjusted NII1 of $0.36 per share, exceeded the regular first quarter dividend per share of $0.25 paid on March 31; Annualized adjusted NII ROE of 15.4% for the first quarter Declared a second quarter regular dividend of $0.25 per sha
Slide 3: Middle market lending ― an enduring opportunity
Middle market lending ― an enduring opportunity Market Continued Strong credit size growth performance ~200,000 U.S. Middle Market 85% of middle market companies Middle Market loans have businesses representing one-third reported year-over-year revenue historically experienced of private sector GDP,
Slide 4: Diversified portfolio: emphasis on less-cyclical businesses
Diversified portfolio: emphasis on less-cyclical businesses Robust downside Portfolio emphasis Each portfolio analysis on less-cyclical company investment performed at companies subject to rigorous underwriting, with an emphasis on companies with strong covenants; quarterly review investments in cyc
Slide 5: Diversified portfolio: emphasis on less-cyclical businesses
Diversified portfolio: emphasis on less-cyclical businesses Industry diversification1 14.0% Internet Software and Services 12.9% Software 11.2% Diversified Financial Services 7.0% Professional Services 6.7% Diversified Consumer Services 4.1% Health Care Technology 3.2% Healthcare Providers and Servi
Slide 6: Diversified portfolio: conservatively positioned
Diversified portfolio: conservatively positioned Diversified income contribution $1.8 billion 98 portfolio fair value # of portfolio companies contributing2 90% of portfolio is senior secured debt 12.2% weighted average effective yield 27 on debt portfolio1 4 More than 74% 3 of our portfolio compani
Slide 7: Strategically positioned balance sheet
Strategically positioned balance sheet Predominantly first lien, Diverse capital structure3 floating rate asset portfolio: 3/31/20251 First lien 82.5% 3/31/2025 Second lien 7.5% Junior 0.1% 6% 13% Equity 9.9% 42% 3/31/20252 Floating rate 94.0% Fixed rate 6.0% 39% Loans on non-accrual: 3/31/2025 % of
Slide 8: Well-covered dividend
Well-covered dividend Adjusted net investment income of $0.36 Declared Q2 2025 regular dividend of $0.25 per share per share in Q1 20251. and special dividend of $0.04 per share Out-earned quarterly regular dividend of $0.25 per Payable on June 30, 2025, to stockholders of record as of the share pai
Slide 9: Competitive advantages of BlackRock
Competitive advantages of BlackRock BlackRock’s Private Debt platform creates substantial scale and scope that provides insight, access and expertise in sourcing, underwriting and managing differentiated investments. Global credit Information edge One stop shop expertise Broad access to Full range o
Slide 10: Well-positioned to manage through the cycle
Well-positioned to manage through the cycle Late cycle Downturn Early cycle Mid cycle Tight financing Excess demand Excess capacity Easy financing Strategy attributes are well-positioned to withstand a downturn. • Senior secured, top of the • Diverse portfolio by issuer, • Depth of workout and capit
Slide 11: Net asset value ("NAV") bridge ― first quarter 2025
Net asset value (“NAV”) bridge ― first quarter 2025 Quarter over quarter NAV decreased, primarily driven by net realized and unrealized losses and dividends paid, offset by NII during the quarter $10.00 $9.90 $9.80 $9.70 $9.60 $0.36 $9.50 $0.39 $9.40 $9.30 $9.23 $9.20 $- $9.18 $(0.29) $9.10 $(0.51)
Slide 12: Strong track record
Strong track record Book value per share Annualized return on Annualized cash Annualized total invested assets:1 return:2 return on equity:3 and dividends paid 9.5% 9.7% 6.6% $35.00 As of 3/31/2025: $27.77 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Book Value per Share Cumulative Dividends Paid
Slide 13: Diversified sources of funding
Diversified sources of funding TCPC is investment grade rated by Fitch Capacity Drawn Amount Available Source Pricing % Maturity (in millions) (in millions) (in millions) 1 2 Operating Facility $ 300.0 $ 120.0 $ 180.0 S+2.00% August-29 3 4 Funding Facility II $ 200.0 $ 100.0 $ 100.0 S+2.05% August-2
Slide 14: Investor friendly advisory fee structure
Investor friendly advisory fee structure BlackRock TCP Capital Corp. Typical externally managed BDC1 1.25% on assets up to 200% of the net 1.00%-1.75% on gross assets (up to 1.0x Base asset value of TCPC; 1.0% on assets that debt to equity; 1.0% above 1.0x debt to management exceed 200% of the net a
Slide 15: Quarterly operating results
Quarterly operating results 2024 2025 Unaudited ($ in thousands, except per share amounts) Q1 Q2 Q3 Q4 Q1 Investment income Interest and PIK interest income $ 54,702 $ 69,032 $ 69,225 $ 58,452 $ 52,574 Dividend income 1,026 2,491 1,580 2,785 3,314 Other income 1 3 127 12 1 Total investment income 55
Slide 16: Financial highlights
Financial highlights 2024 2025 Unaudited Audited Unaudited ($ per share) Q1 Q2 Q3 Q4 Q1 Net investment income 0.46 0.42 0.40 0.40 0.38 Adjusted net investment income1 0.45 0.38 0.36 0.36 0.36 Net realized and unrealized gain (loss) (0.37) (1.02) (0.14) (0.85) (0.13) Adjusted net realized and unreali
Slide 17: Portfolio highlights
Portfolio highlights 2024 2025 Asset mix of the investment portfolio Q1 Q2 Q3 Q4 Q1 (in thousands) Senior secured debt $ 1,935,144 $ 1,804,749 $ 1,729,172 $ 1,637,557 $ 1,591,927 Junior debt 19,223 13,918 5,946 5,016 2,353 1 Equity 162,052 162,243 173,971 152,185 174,994 Total investments $ 2,116,41
Slide 18: Quarterly balance sheets
Quarterly balance sheets 2024 2025 (in thousands, except per share data) Unaudited Audited Unaudited Assets Q1 Q2 Q3 Q4 Q1 Investments at fair value $ 2,116,419 $ 1,980,909 $ 1,909,089 $ 1,794,758 $ 1,769,274 Cash and cash equivalents 120,573 194,669 104,182 91,590 99,115 Accrued interest income 35,
Slide 19: Endnotes – Non-GAAP Financial Measures
Endnotes – Non-GAAP Financial Measures On March 18, 2024, BlackRock TCP Capital Corp. (“the Company”) completed its previously announced Merger with BlackRock Capital Investment Corporation (“BCIC”) . The Merger has been accounted for as an asset acquisition of BCIC by the Company in accordance with
Slide 20: Endnotes – Internal Investment Rating System Overview
Endnotes – Internal Investment Rating System Overview TCPC’s Advisor employs a grading system for its entire portfolio in which all loans are rated on a scale of 1 to 4. This system is intended to reflect the Advisor’s assessment of the performance of the borrower’s business, the collateral coverage
Slide 21: Corporate information
Corporate information Securities listing Transfer agent NASDAQ: TCPC Computershare Inc. (866) 333-6433 (from U.S.) Research coverage (201) 680-6578 (from outside U.S.) wwww.computershare.com/investor • Keefe, Bruyette & Woods • Ladenburg Thalmann Corporate headquarters • Oppenheimer • Raymond James
Slide 22: Important notes
Important notes Prospective investors considering an investment in BlackRock TCP Capital Corp. (“we”, “us”, “our”, “TCPC” or the “Company”) should consider the investment objectives, risks and expenses of the Company carefully before investing. This information and other information about the Compan
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